Industrial Automation Services Market: By Service (Professional Service, Consulting, Training), Solution (Distributed Control System, Programmable Logic Controller, SCADA and Others), End User (Automotive, Manufacturing, Energy & Power) – Global Forecast till 2023
Industrial automation services refer to methods used for controlling industrial process automatically by means of electronically controlled systems.
Technology giants such as Siemens AG (Germany), Honeywell International Inc.,(U.S.), General Electric Company (U.S.), Mitsubishi Electric(Japan) and others.
Siemens AG is one the prominent players in the industrial automation services market. It offers automation services to various industrial verticals such as building technologies, energy and power, healthcare and others. Furthermore, it offers services such as maintenance of automation system, industrial communication, industry software, power supplies, and process automation.
Major factors driving the industrial automation services market include demand for operational efficiency, rapidly growing SMES, emerging technology such as Internet of Things(IoT) and cloud-based automation, growing demand for smart factories, mass customization, supply chain synchronization, integration of systems, advancement in the M2M communication technology. However, factors such as lack of trained professions and high installation and maintenance cost msy slow the market growth.
The global industrial automation services market is segmented on the basis of service, solution, and end user. The service segment is further classified into professional service, consulting, technical training, system integration services, and others.
However, the consulting service segment is expected to hold the major share of the market. It hypothesizes the design and broadly defines the requirements for the automation of plants. It supports every phase of the projects starting from startup and appointing to ongoing maintenance.
It leverages the current assets to increase output, improve quality, ensure safety and fulfill regulations. Professional service companies possess an expertise solution and knowledge of tools and process that makes users workflows seamless and high performing. These companies are highly experienced and project a detailed focus while offering services to small and mid-sized businesses.
They provide a complete risk management solution and possess knowledge regarding cutting edge security features and implements them across different range of business environments. It is also essential for the successful implementation of automation software.
The North American region holds the largest share of the global market share followed by Europe, and Asia Pacific regions. The U.S. and Canada are dominating the North American market due to rising technological enhancements and established automation industry.
Asia Pacific region is expected to grow at the highest CAGR. Japan, South Korea, India, and China are the major revenue contributors to the industrial automation services market, especially, for manufacturing activities.
The global industrial automation services market is expected to grow at a CAGR of approximately 10% during the forecast period 2017-2023.
The global Industrial Automation Services Market is segmented on the basis of solution, service, and end user. The end user segment is classified into automation and transportation, metals and mining, oil and gas, energy and power system, chemical, material, and food.
The demand for the product is increasing from the environment and building technologies, heavy industries, and other segments. The energy and power systems is one of the major factors driving the demand for the industrial automation industry across the globe.
Some of the prominent players in the global industrial automation services market: Siemens AG (German), Honeywell International Inc.,(U.S.) General Electric Company (U.S.), Mitsubishi Electric(Japan), Rockwell Automation(U.S.), Johnson Controls Inc.(U.S.), Samsung Electronics Co., Ltd. (South Korea), Schneider Electric (France), Yokogawa Electric Corporation(Japan), OMRON Corporation (Japan), Danaher Corporation (U.S.) among others.
North America is estimated to account for the largest share of the market, whereas Asia Pacific market is projected to grow at the fastest rate during the forecast period.
The North American market is witnessing a rapid growth due to technological advancements and increasing demand for mobile application development platforms across different industry verticals in this region. The U.S. holds majority of the market share both in terms of revenue as well as adoption of mobile applications.
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